Bucharest  Raiffeisen Bank S. A. in Romania and Citibank Romania (Citi) signed an agreement in which Raiffeisen Bank will purchase Citi's Romanian consumer portfolio. The transaction, subject to customary approvals, is expected to close in the third quarter of 2013.

Under the agreement, Raiffeisen Bank will take over a portfolio consisting of over 100,000 customers, over RON 460 million (over €90 million) in gross assets, over RON 770 million in deposits (over €175 million), as of December 31, 2012, as well as all Citi consumer banking staff in Romania.

"During its 15-year presence on the Romanian market, Raiffeisen Bank positioned itself strategically as a partner for its approximately two million customers that we service today. The fact that Citi's business model is similar to ours in all segments, both in terms of customer service quality and product offer, mattered in signing the agreement. Furthermore, the quality of the loan portfolio weighed significantly in our decision to close this deal. Since we have compatible business models for the individuals' segment, we estimate that once the transaction becomes effective, the operational integration will be very smooth," said Steven van Groningen, President and CEO of Raiffeisen Bank.

"We are pleased with the successful sale of our Romanian consumer operations. Citi has built a strong consumer business in Romania, with an attractive product portfolio and a team committed to excellence. The sale represents the best possible outcome for our customers, staff and shareholders. We would like to thank all our consumer clients for their trust and partnership. Our commitment to Romania will see us continue to grow and invest in our business to better serve our local and global corporate, financial institution, commercial banking and Public Sector clients," said Tibor Pandi, General Manager of Citi Romania.

Until the moment the transaction becomes effective, Citibank's customers will continue to be served in accordance with their current terms and conditions, as well as relevant regulations and prudent lending principles. Citi and Raiffeisen Bank are committed to working on a seamless transfer of Citibank's consumer customer accounts, ensuring a continuation of the high level of service to which they are accustomed.

The terms of the transaction are not public and are not material to either party.

Citi's Institutional Clients Group advised Citi on this transaction, while Raiffeisen Bank was advised by Raiffeisen Capital & Investment.

Citi
Citi, the leading global bank, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management.

Citi has been present in Romania since 1996 and remains committed to serving its corporate and institutional clients in the country, including medium and large corporations, financial institutions, public entities, and subsidiaries of foreign multinational companies. Citi will continue to provide these clients with best in class service and products and an unparalleled global network adapted to the requirements of local industry dynamics.

Raiffeisen Bank S.A.
Raiffeisen Bank S.A. is a top universal bank, providing the complete range of superior quality financial products and services to individuals, SMEs and corporations. Raiffeisen Bank services almost two million individuals, 105,000 SMEs and 7,500 large companies. As of 31 December 2012, the bank had 5,361 employees and a network of 525 outlets, 1,100 ATMs, and 11,000 EPOS. Additional information on Raiffiesen Bank Romania is available on http://www.raiffeisen.ro

Austrian Raiffeisen Bank International AG (RBI) owns 99.49 per cent of Raiffeisen Bank's shares. It also owns one of the most important banking networks in Central and Eastern Europe, covering 17 markets in the region through subsidiary banks, leasing companies and other financial services providers. Additional information on RBI is available on www.rbinternational.com.